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FAAC Disbursed N2.07trn To FG, States, LGCs In February -NBS

The National Bureau of Statistics (NBS) in its latest report shows that the Federation Account Allocation Committee (FAAC) disbursed the sum of N2.07 trillion to the three tiers of government in February 2024 from the total revenue generated in January 2024.

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NBS said, the amount disbursed comprised: N1.15 trillion recorded from the Statutory Account, N479.03 billion from Exchange Gain, N16.59 million from Electronic Money Transfer Levy (EMTL), and N420.73 billion from Value Added Tax.

Giving the breakdown, the Bureau said, the allocations to the three tiers of government for November 2023 were: Federal Government with a total of N407.27 billion, States with a total of N379.41 billion, and Local Governments with a total of N278.04 billion.

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It, however, said, the sum of N85.10 billion was shared among the oil-producing states from the 13% derivation fund.

Meanwhile, NBS said, the FAAC disbursed the sum of N1.67 trillion to the three tiers of government in January 2024 from the total revenue generated in December 2023.

It said, the amount disbursed comprised: N875.38 billion recorded from the Statutory Account, N287.74 billion from Exchange Gain, N18.60 billion from Electronic Money Transfer Levy (EMTL), and N492.51 billion from Value Added Tax.

According to the Bureau, the allocations to the three tiers of government for December 2023 were: Federal Government with a total of N383.87 billion, States with a total of N396.69 billion, and Local Governments with a total of N288.93 billion.

It said, the sum of N57.92 billion was shared among the oil-producing states from the 13% derivation fund.

It disclosed that the revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N16.07 billion, N36.09 billion, and N9.35 billion respectively, as cost of revenue collections.

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